One of India's largest private banks is following its customers to the UAE by opening a second representative office in Abu Dhabi.
Axis Bank, which already has an office in Dubai, has over 40,000 customers, bank officials told Gulf News, and wants to better serve its clients living in the UAE.
But Axis has ruled out setting up retail operations in the country for now, pointing to issues of regulation in the emirates.
"The bank's philosophy has been to follow its customers wherever they go," said P. Mukherjee, President of Treasury and International Banking at Axis Bank.
"Increasingly, Indians are branching out overseas. Almost every day some Indian corporate or the other is acquiring businesses abroad and quite frankly since these are our customers in India, it makes sense for us to accompany them out and work with them in their business growth overseas," he said.
When asked whether there is interest to open new branches in the UAE, Mukherjee said that it would primarily depend on regulations. "Regulation permitting, and so far it isn't easy to come by, at some point would look to set up retail operations in Dubai too."
Except for cash transactions, the office will help customers with their banking inquiries, getting connected with their branches back home and transferring documents when needed.
From / Gulf News